Euro Zone Reaches Deal to Bail Out Greece

Greek Prime Minister George A. Papandreou, European Council President Herman Van Rompuy , European Commission President Jose Manuel Barroso speak after the EU summit on July 21, 2010 at the European C
(GEORGES GOBET/AFP/Getty Images/Getty)

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The details are less important than the idea of action and decisiveness.

European leaders came to an agreement yesterday to help keep Greece and the rest of the euro zone from falling further into financial crisis. Greece will receive a second bailout, in the amount of 109 billion euros, or $157 billion. The move by the euro zone comes as Ireland and Portugal are still teetering on economic turmoil. The European Financial Stability Facility, the euro zone's rescue fund, will be given broad new powers to assist countries that have not yet been bailed out. It is unclear how French and German citizens, who have opposed any bailout, will react to the deal.

Landon Thomas, Jr., financial correspondent for our partner, The New York Times, has more details on the agreement and its impact.